Long Term Care Insurance Shopping Tips
- Buy a long term care policy long before you expect to need benefits.
The older you are when you buy a long term care policy, the higher
your premium will be. Medical conditions can also arise as you
get older and will also increase your premiums.
- Compare many policies. Policies and services differ between
long term care insurance companies. Compare the different coverages
- Make sure the agent or company selling you the long term care
insurance is licensed in your state. Usually you can check with
your state’s Insurance Department. Don’t become a
victim of insurance fraud.
- Check the long term care insurance company ratings and financial
stability. Go online at an insurance rating company for fast and
easy service. State department of insurance may also keep records
of compliant ratios.
- Check and understand the long term care insurance benefits and
exclusions before you buy a policy. Ask questions if you need
clarification or have an advisor view the policy.
- Never pay with cash. Pay by check or money order. Make checks
payable to the long term care insurance company and not the agent.
- Take your time. Don’t feel pressured to buy a policy.
- Review your policy within the free-look period. Most states
have a certain period of time in which you can change your mind.
You can cancel the policy and request a refund within this period.
Check with your state insurance department to find out how long
the free-look period is in your state.
- Never sign a blank application. Answer all questions truthfully.
Long term care insurance companies can deny a claim or cancel
a policy if the application is incomplete or inaccurate.
- If you are changing long term care policies, receive and review
the new policy before canceling the current policy.